Christina Romer serves up dismal news at her farewell luncheon

Speaking at her farewell luncheon, the departing Chair of the President's Council of Economic Advisors didn't mince words. Ms. Romer made four salient points:

She had no idea how bad the economic collapse would be.

She still doesn't understand exactly why it was so bad.

The response to the collapse was inadequate.

She doesn't have much of an idea about how to fix things.

Regarding the first, few if any economists did. This was a direct result of their flawed theories about the economy. The same explanation applies to point #2. As for #3, what is the definition of "adequate"? No explanation there.

And lastly, her admission about having no idea on how to "fix" things, is a delightfully candid departure from the smoke and mirrors the Obama administration has been serving up since before Inauguration Day.